NIFTY PHARMA:

As we have mentioned last week that resistance for the index lies in the zone of 11000 where channel resistance and short term moving averages for the index is lying. If the index manages to close above these levels then the index can drift to the levels of 11300 to 11400 where 100 Weekly SMA are lying. During the week the index manages to hit a high of 11281 and close the week around the levels of 11251.

Support for the index lies in the zone of 11000 where channel support and short term moving averages for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 10500 from where the index has formed a short term bottom in the month of June – 2016.

Resistance for the index lies in the zone of 11300 to 11400 where 100 Weekly SMA are lying. If the index manages to close above these levels then the index can move to the levels of 11400 to 11600 where 200 Daily SMA is lying.

Broad range for the index is seen from 10800 to 10900 on downside to 11500 to 11600 on upside.